SCOTTSDALE, AZ-- Aug 29, 2013 - On Thursday, August 22, Lithium Exploration Group Inc. (OTCQB: LEXG) updated shareholders on activity at its two recent disposal acquisitions:
-Blue Tap - Work continued last week and into this week to collect all of the data from the well for submission to the Alberta Energy Regulator (AER) so that operations can resume at the suspended facility. The initial injectivity tests and pressure recording captured ten days of data and have been concluded, producing positive results. The final data collection steps are being planned now and will be performed in the coming weeks. Once those tests are successfully completed revenue generating operations will resume.
-Tero Oilfield Services - Management from both companies have been in discussions this week with a view to incorporating enterprise software to the operation to increase efficiencies. In addition, a marketing strategy is being developed to increase awareness in the area for the services that Tero provides. These cooperative operational and marketing efforts will begin immediately. Below is a map showing over 33,000 active oil and gas wells in the addressable market (75km radius).
"Both of these facilities have strong teams with years of energy industry experience managing the day-to-day operations. Our function is to assist in building the infrastructure to support their activity and grow the businesses," commented CEO Alex Walsh. "The map shows how extensive the total addressable market is for Tero. Each new client brings meaningful revenue to the operation and our sales team in Calgary intends to capture as much business as the facility can handle without sacrificing the exceptional service for which Tero is known."
About Lithium Exploration Group
Lithium Exploration Group is a US-based exploration and development company focused on the acquisition and development potential of lithium brines and other precious metals that demonstrate high probability for near-term production. Currently the company is focused on its Western Canada lithium assets, testing its Ultrasonic Generator Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is a fully reporting company traded on the OTCQB under the symbol LEXG. Website: www.lithiumexplorationgroup.com.
Safe Harbor Statement
This news release contains "forward-looking statements." Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the definitive terms and conditions or ultimate completion of the proposed acquisition of Tero Oilfield Services.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of lithium prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE: Lithium Exploration Group, Inc.